Título de la propuesta

In January 2007 our Austrian subsidiary Systema Human Information Systems GmbH was awarded a major contract from the state clinics of Lower Austria as one of two syndicate partners.

The state clinics in Lower Austria comprise 27 hospitals at 24 sites. The clinics have around 7,000 beds and approximately 14,000 employees. The contract includes the set-up of a SAP solution for all required business management tasks, for the purchase and logistics department, as well as for patient management and patient accounting.

In May 2007 CompuGROUP Holding AG completed the planned IPO when it was listed on the Frankfurt Stock Exchange (Prime Standard). The shares have been traded on the official market (Prime Standard) since 4 May 2007. IPO costs amounted to around €7.9m includ- ing expenses from 2006. The net proceeds of the issue amounted to around €125m. The listing created new opportunities and possibilities to boost the Group’s market position and develop new markets.

As part of the IPO, the Company’s share capital increased by €7,340,600 from €45,878,750 to €53,219,350 through a rights issue and capital increase for cash consideration from au- thorised share capital, which was decided by the Management Board and approved by the Supervisory Board. The share capital is divided into 53,219,350 bearer shares investment securities number 543730 (ISIN: DE000547305).

Further success came when our subsidiary UHC Sp.z o.o, Lublin, Poland, managed to win a major contract. UHC provides hospital information systems and was awarded the contract to set up the complete IT systems for the paediatric department of the university clinic in Warsaw. In the future, almost 500 users will work with UHC’s innovative software solution in the 560 bed hospital.

In May 2007, a new company was established in France. Medical Net SAS with registered office in Montpellier is now able to offer the doctor’s information software solution also named Medical Net, which is based on state of the art internet technology (ASP technology) on the French market. The unique feature of the system is that it can be retrieved from the customer’s internet browser and therefore no installation on the doctor’s PC is required. Doctors may therefore access their system anytime from anywhere.

On 20 July 2007, CompuGROUP issued a recommended cash bid to purchase the entire share capital of iSOFT Group plc. The value of the cash bid was 66 pence per iSOFT share amount- ing to a total of some £160 million (approximately €238 million). In August, CompuGROUP announced it would not raise the cash bid issued on 20 July 2007. The Company reserved the right to raise the submitted offer, if a third party (excluding IBA Health Limited or an af- filiated company) announced a bid for iSOFT. The expenses in connection with the intended takeover amount to around €3.2 million. These expenses largely relate to external lawyers’ fees and the cancellation and non-drawing of credits in connection with the bid.

In September, the Company purchased another additional equity investment in Slovakia when it acquired an initial 10% stake in Slovakian eHealth provider ERUDIS s.r.o., while securing an option for the purchase of an additional 70% in which it can exercise as from 2009.

CompuGROUP also purchased a 90% equity stake in Tipdata with registered office in Ankara, Turkey in September. Tipdata is a leading provider of hospital information systems for pri- vate clinics. In the future, CompuGROUP plans to serve the emerging high-growth market for general practitioners in Turkey via Tipdata. The purchase price for this equity stake amounted to 400,000 Turkish lira.

A further major order in Austria was awarded to Systema Human Information Systems GmbH, Steyr, by Oberösterreichische Gesundheits- und Spitals-AG, the largest hospital operator in Upper Austria. Systema will equip eleven hospitals with new, efficiency -enhancing software solutions. The total contract volume amounts to over €7 million. With a market share of around 44%, Oberösterreichische Gesundheits- und Spitals-AG is the market leader among hospital operators in Upper Austria. As well as eight general hospitals at 14 sites, it operates two psychiatric clinics, as well as a women’s and children’s hospital with around 9,000 employees.

In October, CompuGROUP was able to report an additional success for one of its innovative products in the healthcare medical insurance business: Techniker Krankenkasse has extended the contract until 31 December 2008 for use with the Verax-list, a software solution, to combat insurance fraud.

Furthermore, an important pilot project was started in North Rhine-Westphalia for enhanced efficiency based on electronic communication in the healthcare industry. Under the project, general practitioners test sending electronic doctor’s letters including their signature with the healthcare profession label. Our project partners are Kassenärztliche Vereinigung Nordrhein und Westfalen-Lippe, as well as the respective state medical associations.

Systema Holding GmbH changed its name to CompuGROUP CEE GmbH, Vienna, which will en- able a broad range of services to the eHealth high-growth markets in Austria, Switzerland, Hungary, Rumania, Bulgaria, Serbia, Montenegro, Bosnia, Croatia, Slovenia, and Greece. As a complete eHealth provider with innovative software products, the new company serves all parties involved in health care.

At the AOK Hessen, the pilot project “AOK aktiv + vital” was introduced with a completely new healthcare concept in selected regions of Hessen. This involves new innovative integrated forms of healthcare that are processed via doctor’s information systems. For this purpose, CompuGROUP has founded “Gesellschaft für angewandte integrierte Versorgungsformen mbH (GIV)” with the key functions medical path development, decision support, disease management, case management, benchmarking, and financial settlement. In addition to the technical implementation, the inclusion – in terms of suitability for daily use and contents – of current medical guidelines, the definition of clear target criteria, the close involvement of patients and a compensation scheme adapted to healthcare results of par- ticipating doctors, is a new direction for the company. Starting with the major widespread disease diabetes type 2, indication related, comprehensive treatment paths developed by experts are made available.

In October 2007, Dresdner Bank and CompuGROUP announced an alliance in conjunction with the bank focusing on doctors as a target group. Under the project, Dresdner Bank will utilise CompuGROUP Germany’s doctor’s information systems as a communications platform. The cooperation provides for regular supply of financial information to doctors. In addition, doctors will be provided with comprehensive information about Dresdner Bank’s financial services, specifically customised for the target group. An additional goal is the joint development of new financial services offers between the partners.

The Company significantly expanded its presence in the Austrian healthcare market for doctor’s information systems by purchasing a 60% equity stake in Gruber Ärztliche Datenverarbeitung GmbH, Enns, a producer of doctor’s information systems (with an option for the remaining 40%) and ACP IT Solutions GmbH, Innsbruck, also a doctor’s information systems provider. Following the takeovers, CompuGROUP in Austria together with the hospital information system producer Systema Human Information Systems GmbH, and HCS Human Communica- tion Service GmbH is represented by four suppliers in Austria. Since then, ACP IT Solutions GmbH has been renamed medXpert GmbH. The purchase price for the equity stake in Gru- ber ÄDV GmbH amounted to €4.2 million, plus a variable purchase price component. The purchase price for the acquisition of ACP IT Solutions GmbH (medXpert GmbH) amounted to €1.7 million including €1.3 million for separately purchased trademark licenses. In October 2007, the trade show Medica also proved a success for CompuGROUP’s product and

services presentation. The German producers of doctor’s information systems were able to win more than 300 new customers at the worldwide largest trade show in the healthcare business in Düsseldorf. Moreover, numerous customers took advantage of the opportunity to enquire about new versions or upgrades of their doctor’s information system, as well as the latest solutions in connectivity.

In the Czech Republic an mpa solution (medical process assist) was fully introduced at the end of the year after only a few months in the regional hospital Jicin. The regional hospital Jicin is the only emergency hospital in the district. With a capacity of 541 beds, the clinic supports a catchment area of approximately 100,000 population.